Do you really need that much to start? | Forex Factory

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Do you really need that much to start?

  • #1
  • First Post: Aug 30, 2018 5:01pm Aug 30, 2018 5:01pm
I see a lot of articles and posts online about how you must have an initial deposit of like $/£25k in order to start making decent profits and live comfortably, some even suggest that this figure is too small, and recommend 50/100k

Now who really has that kind of money lying around to start trading?

Most people I know start with far less and build their accounts in order to withdraw decent profits

What are your thoughts?

How much was your first serious deposit?
  • #2
  • Aug 30, 2018 5:53pm Aug 30, 2018 5:53pm
Even a 100k account is not enough to make a living (well maybe if you live in the 3rd world and not plan to pay any taxes).

Lets assume you are a very good trader able to achieve a constant 2% monthly.
Your account: $100000
Your monthly gain: $2000

Now ask you self the question if you can make a comfortabe living with 2k monthly income (and thats even before any taxes like said)

Does that sound sexy to you?
  • #3
  • Aug 31, 2018 2:40am Aug 31, 2018 2:40am
Quoting lddd
Even a 100k account is not enough to make a living (well maybe if you live in the 3rd world and not plan to pay any taxes). Lets assume you are a very good trader able to achieve a constant 2% monthly. Your account: $100000 Your monthly gain: $2000 Now ask you self the question if you can make a comfortabe living with 2k monthly income (and thats even before any taxes like said) Does that sound sexy to you?
Good explanation!
  • #4
  • Sep 2, 2018 8:41am Sep 2, 2018 8:41am
Quoting lddd
Even a 100k account is not enough to make a living (well maybe if you live in the 3rd world and not plan to pay any taxes). Lets assume you are a very good trader able to achieve a constant 2% monthly. Your account: $100000 Your monthly gain: $2000 Now ask you self the question if you can make a comfortabe living with 2k monthly income (and thats even before any taxes like said) Does that sound sexy to you?
c'mon. 2% a month? As a active trader? Why would you do business for 2% a month?
Whether you think you can, or you think you can't,you're right. H.F.
  • #5
  • Sep 2, 2018 10:24am Sep 2, 2018 10:24am
I don't have much money...for now my monthly target was $200/month
  • #6
  • Sep 3, 2018 1:18am Sep 3, 2018 1:18am
In my opinion it's better to start with a small account, even a cent account, if you're a total newbie. Don't invest large sums of money in trading before you've learned how to actually trade.
  • #7
  • Sep 3, 2018 3:14am Sep 3, 2018 3:14am
Starting with small account always safe and sounds , but we newcomers always try to start trading with large amount due to earning profit rapidly , in practical there is no way to get better something by large capital , need only good trading knowledge and experience that can bring good result in spite of minor balance.
  • #8
  • Sep 8, 2018 8:06am Sep 8, 2018 8:06am
In my opinion and based on my experience ,, it is not a large amount of money that is required to make alot of money in trading or any business .
The first and most important part is one MUST build a very deep understanding of the nature of the game ( knowledge ) coupled with experience , ( as one can not be without the other ) ,,, and what ever they end up doing ,, it must have consistency ,, as it will be the key to ones success
Secondly ,,,
It is all about your money plan .
Trading with a standard approach when one sets a trade and collect profit and just keep doing that is not the most effective way to create wealth in this game .
I believe one should have an aggressive compounding money plan that will take into count a good balance between risk amount against profit , and of course leverage .
Yes 20 pips a day achieved day after day , starting with a .01 trade size ,, one can turn a $100 dollar account into a million dollar account in less than 1 year ,,, it is mathematically 100% a fact ,, just by the power of the correct compounding plan .
Hope this will help some .
Cheers
LOVE YOUR GAME WITH A PASSION ,,,,, WORK WITH A VISION ! ! ! ! !
  • #9
  • Sep 10, 2018 2:53am Sep 10, 2018 2:53am
Speaking of my own journey when I started trading forex I was a complete noob and did not have a lot to put at risk. So I started with around $100 initially. It wasn't all rosy throughout. Sometimes I took a severe beating sometimes I won. So I am glad I started with that amount and gradually increased it as I gained more experience and confidence.
  • #10
  • Sep 10, 2018 8:42am Sep 10, 2018 8:42am
I actually started with a largish account when I was a total newbie and I got wiped out quite quickly. In retrospect it was a big mistake.
  • #11
  • Sep 10, 2018 10:11pm Sep 10, 2018 10:11pm
If you start low and blow your account or even multiple accounts with low investment than that is way better than blowing a 10, 50, or even 100k account that if blown once will most likely be the end of trading for alot of traders because they will be so discouraged at blowing such a large amount.
  • #12
  • Sep 11, 2018 12:27am Sep 11, 2018 12:27am
Can anyone help me with this:

Is trading 2 x .5 lots any different to 1 x 1. lot?

I noticed that on a small tester account i was margin called on a 2 lot position for 83 pips and I had 2 smaller positions that ran to 175 pips before the positions were closed

thanks
life is a reflection of what we allow ourselves to see
  • #13
  • Sep 11, 2018 4:51am Sep 11, 2018 4:51am
Trading with a small capital is always a wise advice which a green horn should never ignore.
  • #14
  • Sep 11, 2018 6:40am Sep 11, 2018 6:40am
Quoting Madison
Trading with a small capital is always a wise advice which a green horn should never ignore.
Actually, here the point is trading skill; if traders have enough trading skill; then small trading capital is not a big deal. Without proper knowledge, there is nothing like safe equity.
  • #15
  • Sep 11, 2018 7:19am Sep 11, 2018 7:19am
Quoting ZikriIrfan
{quote} Actually, here the point is trading skill; if traders have enough trading skill; then small trading capital is not a big deal. Without proper knowledge, there is nothing like safe equity.
Or if they're still learning they won't lose a large sum of money as they train.
  • #16
  • Sep 11, 2018 9:03am Sep 11, 2018 9:03am
Quoting shay14
I see a lot of articles and posts online about how you must have an initial deposit of like $/£25k in order to start making decent profits and live comfortably, some even suggest that this figure is too small, and recommend 50/100k Now who really has that kind of money lying around to start trading? Most people I know start with far less and build their accounts in order to withdraw decent profits What are your thoughts? How much was your first serious deposit?
I have been trading for two years now, and if you are new then it is better to use a demo account to learn the basics.

I deposited 1k, I have not made enough . My equity is 1400 right now which just gives me just over 15 pounds per month!

I am trying to improve, but I got a long way to go.

Thanks.
  • #17
  • Sep 11, 2018 6:09pm Sep 11, 2018 6:09pm
I think the key is money management to making profit if you don't start out that much. Even with a high winning percentage the account can still be blown without money management. The trick is finding the right money management strat.
  • #18
  • Sep 12, 2018 1:00am Sep 12, 2018 1:00am
Quoting teamplayer4
I think the key is money management to making profit if you don't start out that much. Even with a high winning percentage the account can still be blown without money management. The trick is finding the right money management strat.
True and to understand the leverage percentage as that can easily wipe out micro account before you know it.
  • #19
  • Sep 12, 2018 5:06am Sep 12, 2018 5:06am
Quoting mlawson71
{quote} Or if they're still learning they won't lose a large sum of money as they train.
Yes mate, learning is a continuous process! In addition, good traders always try to learn from their trading mistakes! On the other hand, greedy traders want to make money without learning.
  • #20
  • Sep 12, 2018 8:22am Sep 12, 2018 8:22am
Quoting ZikriIrfan
{quote} Yes mate, learning is a continuous process! In addition, good traders always try to learn from their trading mistakes! On the other hand, greedy traders want to make money without learning.
Those traders usually end up losing everything anyway. And it happens more than once.
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